The parent company of the Japanese 7-Eleven convenience store chain said Friday that it’s turning down a takeover offer from Alimentation Couche-Tard Inc. of Canada.
In a letter made public, Stephen Dacus, who heads a special committee of outsiders examining the proposed takeover, received last month, said the committee carefully reviewed the offer to acquire all outstanding shares of Seven & i Holdings Co. for US$14.86 per share in cash.The Seven & i share price was gradually falling over several months earlier this year, until it surged over the news of the takeover. It traded at 2,133.5 yen on the Tokyo Stock Exchange Friday, down 1.4 per cent.
The 7-Eleven franchise includes 86,000 stores in Japan, the U.S. and other Asian nations, while Alimentation Couche-Tard operates about 17,000 stores in 31 countries, including the U.S., Europe, Canada and Japan, including the Circle K stores.In April, Seven & i announced a restructuring plan to strengthen its U.S. operations and streamline operations, closing some Ito-Yokado supermarkets in Japan.
The 14-year-old accused of fatally shooting four people at his high school in Georgia was expected to make his first court appearance Friday, a day after his father was also arrested for allowing his son to have a weapon.American company, Russian propaganda: New Kremlin tactic reveals escalating effort to sway U.S. vote
Volvo Cars said on Wednesday that plug-in hybrids would continue to be a critical part of its profit growth plans over the next few years and that it would revamp its XC90 hybrid sports utility vehicle.An Ontario man said he couldn't believe an electric car he bought three years ago for $20,000 would need a new battery at a cost of more than $33,000.Another death has been linked to dangerous Takata air bag inflators by U.S. regulators, the 28th in the United States.
The New Brunswick RCMP says the search continues Friday in the Esgenoopetitj First Nation area for a man who is wanted in connection with a fatal shooting.Heavy rainfall expected for most of the Maritimes Saturday, with highest amounts in western N.S.A Manitoba judge is expected to deliver his verdict today in the case of a senior corrections officer charged in the death of an inmate.
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